N4&VLAM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
N4&VLAM
Largest movements
- Cash +€33,602
up €33,602 (+23.8%), from €140,915 to €174,516
mainly Net result for the year (+€40,262) and Other debts (+€12,671)
- Deferred charges and accrued income +€20,065
up €20,065 (+7,893%), from €254 to €20,319
- Tangible fixed assets -€11,570
down €11,570 (-19.2%), from €60,154 to €48,584
of which Other tangible fixed assets: -€6,550
- Receivables within one year -€10,508
down €10,508 (-6.4%), from €164,760 to €154,252
of which Other amounts receivable: -€6,515
- Reserves +€27,539
up €27,539 (+8.0%), from €345,777 to €373,316
- Other debts +€12,671
up €12,671 (+2,074%), from €611 to €13,282
- Tax, wage and social debts -€5,002
down €5,002 (-41.7%), from €11,997 to €6,995
- Gross operating margin -€10,704
down €10,704 (-14.5%), from €73,971 to €63,267
- Taxes -€4,246
down €4,246 (-19.3%), from €22,031 to €17,786
- Financial income -€930
down €930 (-11.1%), from €8,399 to €7,468
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €366,083 | €397,672 | +€31,589 | +8.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €60,154 | €48,584 | -€11,570 | -19.2% |
| Tangible fixed assets | 22/27 | €60,154 | €48,584 | -€11,570 | -19.2% |
| Furniture and vehicles | 24 | €7,522 | €2,502 | -€5,020 | -66.7% |
| Other tangible fixed assets | 26 | €52,632 | €46,082 | -€6,550 | -12.4% |
| Current assets | 29/58 | €305,929 | €349,088 | +€43,158 | +14.1% |
| Amounts receivable within one year | 40/41 | €164,760 | €154,252 | -€10,508 | -6.4% |
| Trade receivables | 40 | €18,513 | €14,520 | -€3,993 | -21.6% |
| Other amounts receivable | 41 | €146,247 | €139,732 | -€6,515 | -4.5% |
| Cash at bank and in hand | 54/58 | €140,915 | €174,516 | +€33,602 | +23.8% |
| Deferred charges and accrued income | 490/1 | €254 | €20,319 | +€20,065 | +7,893% |
| Total equity and liabilities | 10/49 | €366,083 | €397,672 | +€31,589 | +8.6% |
| Equity | 10/15 | €347,277 | €374,816 | +€27,539 | +7.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €345,777 | €373,316 | +€27,539 | +8.0% |
| Distributable reserves | 133 | €345,777 | €373,316 | +€27,539 | +8.0% |
| Amounts payable | 17/49 | €18,806 | €22,856 | +€4,050 | +21.5% |
| Amounts payable within one year | 42/48 | €18,806 | €22,856 | +€4,050 | +21.5% |
| Trade debts | 44 | €6,198 | €2,579 | -€3,619 | -58.4% |
| Suppliers | 440/4 | €6,198 | €2,579 | -€3,619 | -58.4% |
| Taxes, remuneration and social security | 45 | €11,997 | €6,995 | -€5,002 | -41.7% |
| Taxes | 450/3 | €11,997 | €6,995 | -€5,002 | -41.7% |
| Other amounts payable | 47/48 | €611 | €13,282 | +€12,671 | +2,074% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,490 | €11,570 | +€79 | +0.7% |
| Other operating charges | 640/8 | €876 | €985 | +€109 | +12.4% |
| Gross operating margin | 9900 | €73,971 | €63,267 | -€10,704 | -14.5% |
| Operating profit (loss) | 9901 | €61,605 | €50,713 | -€10,893 | -17.7% |
| Financial income | 75/76B | €8,399 | €7,468 | -€930 | -11.1% |
| Recurring financial income | 75 | €8,399 | €7,468 | -€930 | -11.1% |
| Financial charges | 65/66B | €147 | €133 | -€14 | -9.5% |
| Recurring financial charges | 65 | €147 | €133 | -€14 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €69,857 | €58,048 | -€11,809 | -16.9% |
| Income taxes | 67/77 | €22,031 | €17,786 | -€4,246 | -19.3% |
| Profit (loss) for the period | 9904 | €47,826 | €40,262 | -€7,563 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,826 | €40,262 | -€7,563 | -15.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.